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Oman’s Asyad Group plans IPO of shipping unit

Asyad Group CEO Abdulrahman Al Hatmi. The logistics business is owned by the Oman Investment Authority Reuters/Brendan McDermid/File Photo
Asyad Group CEO Abdulrahman Al Hatmi. The logistics business is owned by the Oman Investment Authority
  • Aims to sell stake of 20%
  • Reported valuation of $1bn
  • Fleet of 89 vessels

Asyad Group, a logistics business owned by Oman’s sovereign wealth fund, has announced plans to float its shipping unit on the Muscat stock exchange.

At least 20 percent of Asyad Shipping Company will be sold in the initial public offering.

The Asyad IPO will be divided into two tranches. The first is 75 percent of the total, which will be available to eligible investors in Oman and qualified institutional and other foreign investors. The remaining 25 percent will be sold to retail investors in Oman.

Asyad said in its statement that nearly a third of the first tranche had been allocated to anchor investors, who are not named.

“The intended listing would provide investors with the opportunity to invest in one of the world’s largest diversified maritime shipping companies and a key player in the Omani economy,” the company said.

Asyad is considering seeking a valuation of at least $1 billion, sources told Bloomberg

Established in 2003, Asyad Shipping Company operates a fleet of 89 vessels serving more than 60 countries. It transports liquefied natural gas and crude oil, as well as other products.

Asyad Shipping Company plans to pay an annual dividend of $150 million in 2025 and 2026, according to the company statement on the IPO.